Danaher to Acquire Beckman Coulter for $6.8 Billion
Danaher stated in its conference call to discuss the deal that it expects the transaction to be accreditive to adjusted EPS by $0.05–$0.10 per share in 2011, excluding the impact of acquisition-related nonrecurring charges. In 2012, the transaction is estimated to be accreditive to GAAP EPS by $0.25–$0.30. Beckman Coulter’s 2010 revenues totaled $3.7 billion with gross margins of 45%, according to Danaher’s conference call. The Life Sciences business accounts for 12% of revenues. (For more, see page 1.)
Washington, DC 2/7/11; Orange County, CA 2/7/11—Danaher has definitely agreed to purchase diagnostic and life science technology firm Beckman Coulter. Danaher will acquire all of Beckman Coulter’s outstanding common stock for $83.50 per share in cash, which is a 45% premium over the closing price on December 9, 2010, when rumors of a sale were made public (see IBO 12/15/10). Including debt assumed and net of cash acquired, the transaction is valued at approximately $6.8 billion. “Beckman Coulter is an iconic company with a great brand, broad reach and technology leadership; well positioned in the markets it serves,” stated Danaher President and CEO H. Lawrence Culp, Jr. “Beckman provides an excellent complement to our existing Life Sciences & Diagnostics businesses.” The transaction is expected to be completed in the first half of the year and is structured as a tender offer, followed by a merger.
